ED will continue to discharge loans as borrowers reach the required number of months for forgiveness. If you have loans that have been in repayment for more than 20 or 25 years, those loans may immediately qualify for forgiveness.īorrowers who have reached 20 or 25 years (240 or 300 months) worth of payments for IDR forgiveness may see their loans forgiven in Spring 2023. For some borrowers, these changes mean that they will receive additional years of credit toward loan forgiveness. ED will do a one-time adjustment to count any month spent in repayment, some deferment periods (prior to 2013), and some forbearance periods toward loan forgiveness. On April 19, 2022, Department of Education (ED) announced several changes and updates that will bring borrowers closer to forgiveness under IDR plans. One-time adjustment to fix IDR loan forgiveness If your income is low enough, your payment could be as low as $0 per month.ĭepending on the IDR plan, the remaining balance on your loans may be forgiven after 20 or 25 years of repayment. Income-driven repayment (IDR) plans cap your monthly payments based on your income and family size. Most federal student loans are eligible for at least one income-driven repayment plan.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |